FIRST EARN Credit Card: A credit card has been launched in partnership between IDFC First Bank (IDFC FIRST Bank) and RuPay, which has been named FIRST EARN.
FIRST EARN Credit Card: IDFC First Bank (IDFC FIRST Bank) has launched a new UPI-enabled credit card in collaboration with RuPay. It has been named FIRST EARN. This is a game changer for first-time credit card users as it is issued on the basis of Fixed Deposit (FD). Along with this, there is also a benefit of cashback on every UPI payment made from the card.
IDFC FIRST Bank issued a statement saying, “The credit card application has an option of fixed deposit creation for all customers. This card gives an opportunity to get credit as well as rewards on UPI payments and add unmatched interest on fixed deposits. FIRST EARN Credit Card will give 1% cashback on every UPI payment.”
Shirish Bhandari, Head – Credit Cards, FASTag and Loyalty, IDFC First Bank, while talking to Business Standard said, ”We are happy to announce the launch of FIRST EA₹N RuPay Credit Card. It is specially designed for first time credit card users, which is a gateway product to the world of financial services.” He further added, ”This is a fixed deposit backed credit card, which makes everyday UPI payments super rewarding, with 1% cashback automatically credited to your card account. Apart from this, being linked to fixed deposits, this card promotes savings and growth, thereby improving credit, investment and financial health all together.”
Features of FIRST EARN Credit Card
Welcome Offer – New card holders will get 100 percent cashback up to Rs 500 on their first UPI transaction.
Attractive interest on FD – Customers making fixed deposits through credit card will get 7.25 percent interest on one year FD.
Cashback Reward – This card gives up to 1 percent cashback on UPI transactions through IDFC FIRST Bank app and 0.5 percent cashback on transactions made from any other UPI app or insurance, utility bills and e-commerce related payments.
UPI Integration – This card can be used on more than 60 million UPI QR codes, making everyday shopping at shops easier.
Instant ease of getting- This is a virtual credit card, which is issued instantly, then it can be used immediately by connecting to UPI.
Movie ticket discount– Booking movie tickets through Zomato with the card will get 25 percent discount up to Rs 100.
Accident cover– Personal accident cover of Rs 2 lakh will also be available with FIRST EA₹N credit card. Apart from this, lost card liability cover of up to Rs 25,000 is also available. There is also a facility of complimentary roadside assistance of up to Rs 1399.
Fees
The joining fee of the card is Rs 499 plus GST. After this, the same annual fee will be charged every second year. The monthly interest rate on this starts from 0.75 percent and goes up to 9 percent annually. Apart from this, 1 percent surcharge (minimum Rs 249 plus GST) is levied on rent and property management.
Eligibility for FIRST EA₹N Credit Card
Any person above 18 years of age can apply for it. The applicant’s current and permanent address should be in India. It is necessary to create and maintain a fixed deposit of at least Rs 5,000.
